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SATIN ALMALARIN DEĞER YARATIMINDA SEKTÖREL ETKİLER: TÜRKİYE ÖRNEĞİ

Year 2015, Volume: 2 Issue: 2, 29 - 44, 30.06.2015

Fatma Büşra Günay Bendaş

Abstract

Şirket satın almalarının teorik olarak hem satın alan, hem de hedef firmanın değerini arttırdığı
varsayılır. Oysaki bunun tersini gösteren bir çok ampirik çalışma mevcuttur. Bu çalışmada, şirket
satın almalarının karlılıklarının sektörler arasındaki farklılıkları açıklanmaya çalışılmıştır.
Türkiye’de 2010-2014 yılları arasında gerçeklesen 898 satın almadan, hissesi borsada işlem
gören 171 şirketin dahil olduğu işlemler incelenmiş, madencilik sektöründeki satın almaların
karlılık oranının, diğer satın almalara göre daha yüksek olduğu tespit edilmiştir. Ayrıca,
hizmetler ve sağlık sektörlerinde gerçekleşen satın almaların, satın alan şirketin değerini sırasıyla
%1.94 ve %1.65 oranında düşürdüğü tespit edilmiştir. Şirket birleşmelerinin aynı sektördeki
rakip firmalar üstündeki etkisi hesaplanarak, firmanın dahil olduğu satın almanın etkisi
ayrıştırılmış, IT sektöründeki satın almaların şirket değerini, piyasa modeli kullanılarak
hesaplanandan daha fazla etkilediği görülmüştür.

Keywords

Şirket Satın Almaları Finansal Piyasalar Olay Çalışmaları

References

  • Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The post‐merger performance of acquiring firms: a re‐ examination of an anomaly. The Journal of Finance, 47(4), 1605-1621.
  • Akben-Selcuk, E., & Altiok-Yilmaz, A. (2011). The impact of mergers and acquisitions on acquirer performance: Evidence from Turkey. Business and Economics Journal, 22, 1-8.
  • Akhigbe, A.,& Madura, J. (2001). Intra-industry signals resulting from insurance company mergers. Journal of Risk and Insurance, 489-505.
  • Andrade, G., Mitchell, M., & Stafford, E. (2001). New Evidence and Perspectives on Mergers. Journal of Economic Perspectives, 103-120.
  • Cummins, J. D., & Weiss, M. A. (2004). Consolidation in the European insurance industry: do mergers and cquisitions create value for shareholders?. Brookings-Wharton Papers on Financial Services, 2004(1), 217-258.
  • Ernst & Young, Mergers And Acquisitions Report Turkey 201 0-2014.
  • Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tellus? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
  • Graham, J. R., Lemmon, M. L., & Wolf, J. G. (2002). Does corporate diversification destroy value?. The Journal of Finance, 57(2), 695-720.
  • Hekimoğlu, M. H., & Tanyeri, B. (2011). Stock-market reactions to mergers of non-financial Turkish firms. İktisat, şletme ve Finans Dergisi, 26(308), 53-70.
  • Lubatkin, M. (1987). Merger strategies and stockholder value. Strategic management Journal, 8(1), 39-53.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 13-39.
  • Mandaci, P. E. (2004). Şirketlerin Birleşme Ve Satın Alma Duyurularının Hisse Senedi Fiyatları Üzerine Etkileri. Iktisat Isletme ve Finans, 19(225), 118-124.
  • Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2003). Do shareholders of acquiring firms gain from acquisitions? (No. w9523). National Bureau of Economic Research.
  • Seth, A. (1990). Value creation in acquisitions: A re‐examination of performance issues.Strategic Management Journal, 11(2), 99-115
  • Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.

THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY

Year 2015, Volume: 2 Issue: 2, 29 - 44, 30.06.2015

Fatma Büşra Günay Bendaş

Abstract

Acquisitions are supposed to create value for both the acquirer and the target firm. In this paper, I try to explain the sectoral differences in the profitability of the acquisitions. I analyze 171 out of 898 acquisitions in different industries, in Turkey from 2010 through 2014. I show that the acquisitions in Mining are more profitable compared to other industries with a daily increase of 1.67% in the market value of the acquiring firm. In services and healthcare, acquisitions decrease the value of the acquiring firms with an average decrease of 1.94% and 1.65% in market value, respectively. By calculating the intra-industry effect of acquisitions, I isolate the effect of acquisitions on the market value of the acquirer firm in IT and show that the effect is more significant than the one calculated using the market model

Keywords

Financial Markets Market Model M&A’s

References

  • Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The post‐merger performance of acquiring firms: a re‐ examination of an anomaly. The Journal of Finance, 47(4), 1605-1621.
  • Akben-Selcuk, E., & Altiok-Yilmaz, A. (2011). The impact of mergers and acquisitions on acquirer performance: Evidence from Turkey. Business and Economics Journal, 22, 1-8.
  • Akhigbe, A.,& Madura, J. (2001). Intra-industry signals resulting from insurance company mergers. Journal of Risk and Insurance, 489-505.
  • Andrade, G., Mitchell, M., & Stafford, E. (2001). New Evidence and Perspectives on Mergers. Journal of Economic Perspectives, 103-120.
  • Cummins, J. D., & Weiss, M. A. (2004). Consolidation in the European insurance industry: do mergers and cquisitions create value for shareholders?. Brookings-Wharton Papers on Financial Services, 2004(1), 217-258.
  • Ernst & Young, Mergers And Acquisitions Report Turkey 201 0-2014.
  • Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tellus? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
  • Graham, J. R., Lemmon, M. L., & Wolf, J. G. (2002). Does corporate diversification destroy value?. The Journal of Finance, 57(2), 695-720.
  • Hekimoğlu, M. H., & Tanyeri, B. (2011). Stock-market reactions to mergers of non-financial Turkish firms. İktisat, şletme ve Finans Dergisi, 26(308), 53-70.
  • Lubatkin, M. (1987). Merger strategies and stockholder value. Strategic management Journal, 8(1), 39-53.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 13-39.
  • Mandaci, P. E. (2004). Şirketlerin Birleşme Ve Satın Alma Duyurularının Hisse Senedi Fiyatları Üzerine Etkileri. Iktisat Isletme ve Finans, 19(225), 118-124.
  • Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2003). Do shareholders of acquiring firms gain from acquisitions? (No. w9523). National Bureau of Economic Research.
  • Seth, A. (1990). Value creation in acquisitions: A re‐examination of performance issues.Strategic Management Journal, 11(2), 99-115
  • Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.
There are 15 citations in total.

Details

Primary Language English
Journal Section Makaleler
Authors

Fatma Büşra Günay Bendaş

Publication Date June 30, 2015
Submission Date June 30, 2015
Published in Issue Year 2015 Volume: 2 Issue: 2

Cite

APA Günay Bendaş, F. B. (2015). THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY. İktisat Politikası Araştırmaları Dergisi, 2(2), 29-44.
AMA Günay Bendaş FB. THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY. JEPR. June 2015;2(2):29-44.
Chicago Günay Bendaş, Fatma Büşra. “THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY”. İktisat Politikası Araştırmaları Dergisi 2, no. 2 (June 2015): 29-44.
EndNote Günay Bendaş FB (June 1, 2015) THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY. İktisat Politikası Araştırmaları Dergisi 2 2 29–44.
IEEE F. B. Günay Bendaş, “THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY”, JEPR, vol. 2, no. 2, pp. 29–44, 2015.
ISNAD Günay Bendaş, Fatma Büşra. “THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY”. İktisat Politikası Araştırmaları Dergisi 2/2 (June 2015), 29-44.
JAMA Günay Bendaş FB. THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY. JEPR. 2015;2:29–44.
MLA Günay Bendaş, Fatma Büşra. “THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY”. İktisat Politikası Araştırmaları Dergisi, vol. 2, no. 2, 2015, pp. 29-44.
Vancouver Günay Bendaş FB. THE EFFECT OF INDUSTRY ON THE VALUE CREATION IN ACQUISITIONS: EVIDENCE FROM TURKEY. JEPR. 2015;2(2):29-44.